Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1887-08-06
TRADE REVIEW.
The Failure OF the California Wheat
Desl and Its Effect Upon the
Eastern Market.
Great Speculatfous Have Locked up Vas.
sums Of Money which VIII bs
Needed During the Fal!,

New YORK, Aug. R. G. Dun & Co.
in their weekly review Of trade say the
collapse of the Callfornia wheat ring
teaches the Old lesson that everybody is
stronger than anybody, and that wealth
can with impunity deny the laws of the
land. The effects in the Atlantic mar-
kets through Change ard railroad and
telegraph operations cannot yet be anti
cipated, Even in San Francisco the
results are hidden, the board having
loss Of So, 600, 900 or $4,000 0Q viii ISL
heavily somewhere, and the Wheat held
by the ring, which is said to be 5000, COO
bushels in California, 80 600
on the sea and $50 600 in Liverpool
hangs on the market threatening
continued depression abroad aDd here.
The average cost TO the ri 9 is said to be
mere than The whest brings now at New
York The final official statement shows
153 ISL OPP bushels, with 10 export for
the year, but Of the quantity 93Q, 600
bushels owned by the California ring
abroad is still as much in the way IS it II
had been shipped. A slow movement for
sometime to come seems to be probsble,
which may help the money market to
some extent.
Stocks tumbled again but have re-
covered little. On Saturday they sver-
aged So per share lower than july, end
50 lower than in January, end were
tribe 10 Ner than year ago, but to-day
tie market WIS stronger. Tie absence
Of interest, the absorption of cap
ital elsewhere snd the fear of
the consequences of the recent failures
in railroad negotiations and in wheat
operations sulli ientlp explain the late
weakness.
Railroads ere pressed by the lowest
lake rates of the year, 3 cents
for wheat from Chicago to Buffalo,
and in June the canals moved
to New York 100000 bushels against
90, 900, 600 by the trunk liEes, but the
main fact is that mCnay hiss found other
uses.
Secretary F&irchild offers to prepay in
terest with rebate and to buy bonds CT
Tered low enough, but the men who have
the bonds are not the men who need
money in g pinch Only 1900, 900 in
terest payable to the banks On bonds held
is certain tc be drawn unless the rebate
is hereafter abandoned, and whether
banks or permanent investors viii
sell the bonds at acceptable terms
is uncertain. The order. IN short,
affects the monetary confidence more than
the actual supply Of money. The expec-
tstiOn is that less will be wanted west
and south, because the banks there hold
/ S, 000,0 600 more than 8 year
ago, only $2,O00;0O0 more than
/ two wears $50 in March
BY the fact that loans of the same banks
/ in the western ard southern states have
/ increased ass, 000,0 since last year, and
! 5I42 600, 900 in two years, showing
/ o great increase IN the demands
! for money for new enterprises. Re
ports from the interior points are
almost uniformly favorable, but money is
! already reported light at Kansas City,
Atlanta ana some other points. The de-
mand appears greater than the supply ct
/ Cleveland aud Omaha, and collections are
/ less satisfactory at several Centers.
Crops are less fGvorablY reported in
Michigan and Georgia, AID the harvesting
in the northwest shows disappointment
in the result, accoTdings to ST. Paul I'D
vices, but elsewhere crops are excellent.
The season is of comparative inactivity
in trade, but Of preparation for the future
and the great confidence recently felt il;
in some quarters less thoroughly
manifested. The east is making heavy
shipments Of money to the west and large
engagements for the future attract Gtten-
ton. Boston HIS put So, 900, coo into
new undertakings and is pledged $780,
1 COO, 900 more. A similar though
smaller drain is felt at Philadelphia
and Baltimore. The treasury has taken
tcom the market duril e the week 81,
10000 gold with substantially no change
in silver and legal tenders. The advance
IN rates by the Bank OF England, though
explained by South America Shipments,
was doubtless calculated to arrest
any movement TO this country,
but the recent exports ere not large, the
shipments from New York for the five
weeks being per cent. below those OF
last year, with per cent. in i'm
ports. The heavy imports of iron
in June, 81, G47 tons OF pig,
,133 Of scrap and "a ,GG5
Of manufactured, caused less confidence.
Rails are offered to winter delivery by
some makers at S37 80 Wool is also
offered lower by some holders, and the
wooden goods market shows no great &C
tivtty
Print cloths are lower, but other cot
tons are firmly held.
In fact, great speculations have IN
pleasantly blocked the wheels Of trade in
many branches and absorbed or locked
up great sums of money which Will be
wanted during the fall, but their PERM
cious influences would be far more en-
couraging.